Indigenous manufacturing firm, Erisco Foods Limited, yesterday, launched 10 new products into the Nigerian market.
Its President/CEO, Chief Eric Umeofia, who spoke at the event in Lagos lamented the frustration the company has encountered in recent years in the hands of the Central Bank of Nigeria (CBN), Standards Organisation of Nigeria (SON), Customs, NAFDAC and some Ministries, Departments and Agencies (MDAs) saddled with the responsibility of regulating or supporting the growth of the local manufacturing sector.
He listed the failure to check imported tomatoes in retail packs, inability to access foreign exchange to import raw materials and equipment, constant harassment by agents of government in the guise of sourcing for Internally Generated Revenue and outright support of foreign firms at the expense of local manufacturers by relevant regulatory agencies, among the challenges that have stifled the growth of the company.
He said the company has been operating at a loss for the past six months due to the rate at which imported banned tomato paste in retail packs have been allowed to flood the Nigerian market despite NAFDAC reporting that 91 per cent of such tomato paste were substandard.
“We have not accessed foreign exchange, not even one dollar from CBN for nearly three years running, regrettably the foreign exchange we need in the procurement of equipment is being sourced at the parallel market at a very high rate.”
The new products unveiled are Erisco Ricvita Cocoa Drink, Milk Tea, Coffee Mix, Milk Powder, Erisco Ketchup, Wheat Meal, Green Tea, Ginger Tea, Tomato Puree and Baked Beans.
Umeofia said the company was yet to utilise 15 per cent of its plants installed capacity per annum due to frustrations by regulatory agencies.
He said it was his love for Nigeria and the fate of employees of the firm that had prevented him from shutting down the firm in Nigeria as relevant agencies have refused to do their work in preventing foreigners flooding the market with substandard products sold at cheaper rates and which have threatened products from his firm.
“I think it is time that the subsidy on dollars is removed. The MDAs think they know it all, but they are not assisting us, they are not even telling President Buhari the truth. Foreigners are supported above local firms and this is why so many local firms have shut down because of that the MDAs are doing,” he said.
Managing Director of the company, Nnamdi Umeofia said the new products launched into the market had undergone all necessary quality control checks and were carefully formulated for greater nutrition for consumers.